How can international students save money while studying abroad? That is a hard question for a person in a new country. It is really difficult for an international student to save money and manage finances while being abroad. It takes discipline and control to spend money properly and save it on a monthly basis as well. Living outside of the home country is a big challenge in many aspects for a person; however, many students have gone through the same things and they have proven that is manageable.
Saving money is not one of the most fun activities to do as a student, but it is very important to stop worrying about money and live more comfortably. Also, it could help a lot in the long run when you are trying to request loans, student line credits, mortgages, etc.
What are the best ways to save money while studying abroad?
There are tons of ways that international students can save money but this article will mention the most relevant ones that can help even further students and that might not require as much effort as others.
Open a student bank account
The best way to start while being in another country is to open a checking and savings account with the bank of your preference. Many banks have great options for students where you do not have to pay a monthly fee to have an account, you can track your expenses through an app, know how much money you are saving monthly, offer reward points that you can accumulate and after a while buy or pay stuff with them.
Also, banks make easier the process of having an account and managing throughout online banking and a dedicated app where you can do almost every process, transaction, transfer, etc., that you might have not known of. Besides, if you are interested in opening a credit bank account, banks offer special low-interest rates designed just for students.
Look for ways to earn extra income
International students have the option to work part-time (20 hours per week) if they want. This is a great way to help the savings you have or money your parents are helping you with. There are many jobs that can help you to earn additional income such as restaurant jobs, babysitting, dog walking, call center jobs, etc. You can apply online on popular websites such as Indeed, Monster, Glassdoor, CareerBuilder, Linkedln jobs, and many more.
Also, there are websites where you can complete online surveys that do not affect your 20 hours per week. Not all these websites are verified or that will give you the credit that you earn by answering online surveys. Some of the websites that work are Leger Opinion, Swagbucks, SurveyJunkie and Branded Surveys.
Plan a budget
Budgeting is a calculated approach that helps to plan and prepare your finances. Working on a monthly budget can help you to understand the bigger picture of your money; in that way, it is easier to make accurate decisions on spending and saving. It can help to make sure that you are not spending more than what you are making, allowing you to plan for current and future goals.
For more information about budgeting, please go to the Canadian Government website which provides great information about making a budget, budgeting for student life, and a budget planner tool where you can calculate and save your budget or you can simply create your own budget manually in a spreadsheet and manage it as you please.
Adjust your lifestyle financially
If you really need to save money, start organizing the basic necessities and see how to cut off costs. For instance, there are many aspects where you can save money (food, transportation, utilities, study supplies, clothes, etc.). Below you can understand how to save for every one of them.
- Food – Prepare your own meals without the need of going out and spending money on restaurants
- Clothing – Buy clothes in a thrift shop or second-hand store at a much lower price
- Transportation – Start using the buses more often, or use ride-sharing services to decrease rates
- Utilities – Turn off any unnecessary devices while you are outside of the house or when you are not using them
- Study supplies – Buy second-hand books online or go to a public library and rent it for free
These adjustments go on in many other ways; every time you are doing an activity, check if it is possible to decrease the cost of it.
If you want more information about how Acsenda can help you to save money through financial aid or scholarships, please contact us.